Maxam Gold Corporation Announces New Estimated Gold Reserves And Production Capacity
LAS VEGAS, Jan. 30, 2013 /PRNewswire/ -- Maxam Gold Corporation (OTCPINK: MXAM) http://www.max-amgold.com, a leading gold mining and development Company, announced today that Pembina Limitada S.A. and Maxam Gold Corporation received the report of estimated reserves and production capacity.
Charles Langrill, President and CEO of Maxam Gold Corporation stated: "Maxam Gold Corporation and Pembina Limitada S.A., a Nicaraguan Corporation, which is a wholly owned subsidiary of Maxam Gold Corporation, have received a report of estimated gold reserves and production capacity of the current concessions in Nicaragua. Pembina Limitada S.A. owns mining concessions of 145,000 hectares. Preliminary testing has shown confirmed reserves in excess of 80,000 troy ounces of gold to date, and more than two million additional troy ounces possible. In addition, there are 800,000 metric tons of tailings containing 4 grams of gold per metric ton. This equals 3,200,000 grams or 102,894 troy ounces of gold, which at today's prices represents $166,894,000 just in tailings. These tailings are easily accessible and can be processed immediately after the mill upgrade is complete. Maxam Gold Corporation and Pembina Limitada S.A. have committed to have these concessions in production this year, with a bottom line profitability of $3,896,000 by year-end."
About Maxam Gold Corporation.
Based in Nevada, Maxam Gold Corporation is a leading gold mining and development company with claims in the western United States and Nicaragua. Maxam Gold Corporation was formed in 1975 and has been involved in the mining and exploration of gold since 1985. Recently, the Company purchased Pembina Limitada S. A., a Nicaraguan Gold Mining Corporation. This acquisition, along with the rise in gold prices and demand of gold has revitalized the company. Its policy of acquiring gold production, through acquisition of gold production companies, will allow the company to expand the production and profitability of its current operations.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.The words or phrases "would be," "would allow," "intends to'" "will likely result," "are expected to," "will continue," "anticipate," "expect," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "considers," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. These include the company's historic lack of profitability, end user customer acceptance and actual demand, which may differ significantly from expectations, the need for the company to manage its growth, the need to raise funds for operations and other risks within the regulation of the industry. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company's past performance is not necessarily indicative of its future performance. The Company does not undertake, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, events or circumstances after the date of such statement.
SOURCE Maxam Gold Corporation